Having your rental property stolen?! How is that possible? This would be a worst-case scenario for any investor, and it was nearly reality for today’s guest. Buckle up as we share one of the wildest real estate horror stories you’re likely to hear!
Welcome back to the Real Estate Rookie podcast! In this episode, which could be mistaken for the latest entry in your favorite crime drama, investor Matt Drouin tells the bizarre story of how he nearly LOST his $150,000 rental property to a professional scam artist. He shares some of his biggest lessons learned from this incident—including how to screen tenants properly, when to get an attorney involved in the eviction process, and how to avoid scams when looking for your own off-market properties.
But that’s not all. You’ll also learn about the many benefits of investing in your hometown, as well as when to branch out and choose a market beyond your backyard. What’s more, you’ll hear about the often-overlooked mixed-use buildings that can be a gateway into commercial real estate investing, and how to take down these deals with creative financing!
In This Episode We Cover:
How Matt nearly lost his property to a scammer (and how he got it back!)
How to avoid scams when searching for off-market real estate deals
The competitive advantage you gain by investing in your backyard
Buying the “mixed-use building” deals that most investors ignore
Using ZERO of your own money on a commercial deal with creative financing
How to finetune and automate your tenant screening process
And So Much More!
Links from the Show
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Ponzi Schemes, Property Fraud, and How to NOT Fall for a Real Estate Scam
Trespassers Took Over My Rental Property! (How to Get Rid of Squatters ASAP)
Tools to Help You Find Your Market:
Become a BiggerPockets Pro Member
“On the Market” Podcast
Crexi
Federal Reserve of St. Louis
Marcus & Millichap
Improve Tenant Screening and Property Management with AppFolio
Connect with Matt:
Matt's BiggerPockets Profile
Check out more resources from this show on https://www.biggerpockets.com/blog/rookie-376
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341: No Cash to Invest? Use THIS Side Hustle to Help Buy Your First Rental w/Dan McDonald
340: Why Self-Storage Beats Rental Properties w/AJ Osborne
339: A Beginner’s Guide to the BRRRR Method (Buy, Rehab, Rent, Refinance, Repeat)
338: Rookie Reply: How to Find RARE Rentals by Buying Properties in Preforeclosure
337: $12K/Month from 4 Rentals: How to TRIPLE Your Revenue by “Reinvesting” w/Zoey Berghoff
336: Rookie Reply: What is ARV in Real Estate & Why It’s Crucial to Get Right
335: 8 Rentals in UNDER 1 Year: A Rental Property Financing Masterclass w/Tim Yu
334: Rookie Reply: Non-Renewal Notices, Rental Arbitrage, and Hard Money 101
333: How to Turn Your Rental Property Profits into a Huge Real Estate Portfolio w/Kevin Cullen
332: Rookie Reply: First Rental? Security Deposits, Credit Checks, & Evictions 101
331: How to Find Your Perfect First Rental Property (Even in an Expensive Area) w/Lyrva Sanchez
330: The Rookie’s Step-by-Step Guide to Home Renovation Projects w/Serena Norris
329: Buying a Rental Property for $80 with This Loan w/Clint Campbell
328: David Greene on The 3 "Pillars" of Wealth That Lead to Financial Freedom
327: From Parents’ Basement to Full-Time Investor and $2,500/Month with ONE Rental w/Noah Sprimont
326: The Step-by-Step Guide to Finding the BEST Off-Market Real Estate Deals w/Nate Robbins
325: How to Retire with “Turnkey” Rental Properties (as a COMPLETE Beginner) w/Sam Dolciné
324: Rookie Reply: How to Make an IRRESISTIBLE Offer Through Creative Financing
323: 10 Real Estate Deals in 18 Months After Losing 80% of His Income w/Matt Ramirez
322: Rookie Reply: Mortgage Write-Offs, Buying with an LLC, & Boozy Airbnb Gifts
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